Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-06-25
ANOTHER PANIC.
Austin Corblp and Cyrus Field 'be Cause
OF the Greatest Furry IN Stocks
Since Grant 4 Ward Exploded.
a General Disturbance of Confidence in
FIDancl Circles Throughout the Coun.
try-Wnd Fluctuations of Prices.
COMMERCIAL RESUME.


Special 20 the Gazette.
NEW YORK, June 24.-Railway bonds
to-day sold as follows: Fort Worth
and Denver CitYs 9I5; Texas and Pacific
incomes at SOD; Rios-s IS; Kansas and
Texas G's at 9G! IS at So; Missouri,
Kansas and Texas G's at ga
Money is still deerer and hos loaned 10
10 % percent.
Wheat firm.
Cotton strong.
Coffee quiet.
! Oil unchanged.
Wall Street was never seen IN & more
| Historically frantic condition than it was
| this morning. The great compact
between Reading and the Schuykil Navi-
CATION Company had been successfully
consummatediby that arcn genius of rail.
road negotiation and management, Austin
C0rbin. 1t was terrific smash, and the
eXchsnge has seen no excitement like it
since the fatal day on which Grant &
Ward exploded, and dragged so many
to irretrieVable ruin and disgrace. There
was not to-day single substantial in
terest in the country that entirely with
stood the avalanche preCipitated when
| Cyrus Fields brokers found the offerings
of Manhattan in excess of the supporting
orders in their charge, aud saw this
boosted fsvorite of investors prove
as uusubstantisl as bubble. The
disaster to the wheat clique IN
Chicago, the coffee clique in New YORK,
and the gas clique in Baltimore, in which
Mr.. Robert Garrett has just burned his
fingers for q quarter of a million, coupled
with the ruin of g national bank
in Cincinnati, and the finger
of suspicion pointed to banks
in ell directions, brought about yesterday
and to-day complete withdrawal of pu5-
lie confidence from every speculative en-
terpIise in the whole United States. A
shudder of distrust ard fear passed every
commercial center from London to San
Francisco. To add to the incipient panic,
and as if concerted to urge it on, the
street was filed with the widest rumors
not the least telling of which was the
report of Jay Gould's death, which was
denied by his presence at his office. The
next was the financial embarrassment of
Cyrus W. Field, to which that great OPP
orator promptly replies that he is abund
antly able to protect himself and meet all
his obligations.
GOVERNMENTS, STOCKS AND BONDS.
NEW YORK, June "a. - The stock
market was subject to-day to one of the
heavies5 drives ever known in its history,
and, although its duration was short,
about az hour and 9 half, the depression
caused in prices during that time was
something unprecedented. The market
early in the morning gave no indication OF
anything unusual. Although prices we're
heavy, the same quiet business usual OF
late was transacted. Suddenly shortly
after i o'clock an attack was begun,
Gould stocks being the particular object
of attention. Manhattan was quickly
marked down from 1863 TO 1855 Missouri
Pacific from 1851 to 90, and Western
Union from 75g to CD. Rumors were
circulated at the same time of disagree.
ment between Messrs. Gould, Field and
Sage, and later this was followed by q
report Of the death of the first named
person. The money market was not neg
lected, but rates were marked up to
and the interest was tremendous. A
selling movement began, which soon be
came panic, and the fluctuations were
no longer confined TO fract!ons, but
prices dropped in som" cases , and
per cent. at a time. The stories in re-
and even professional bears were inhuer-
tial ia stopping the wild sales Of securities.
| Other rumors WI iCn had been set ahuat
were disapproved and liberal buying soon
turned the tide of affairs free reCov-
cry followed il all except few Of the
eonspicuously weak stocks among which
Manhattan and Richmond and West
! Point were most conspicuous. The
specialties did not share to any
! great extent in the movement which
was COATED to the leading speculative
stocks of the day. The opening was
quiet and firm to strong, the first prices
generally showing advances OF from z! to
I per cent. over yesterdays closing fig
ures. The Gould stocks were noticeably
heavy, though the declines for the first
hour were confned to less than l per
cent. while the remainder Of the market
was irregular, with narrow fluctuations.
The market gave indications of hrmness
when great drive was made and every
thing gave way with rush, the sales for
the succeeding hour being something
enormous, ABOUT 100000.
The excitement reached its greatest
height shortly before noon, and g Yerita-
BILE panic was developed No attention WAS
paid by brokers to fractions IN the sales
made by them, and the fluctuations were
so wild thai the sales were some times
from to 10 per cent. apart. Stocks
bought near the opening were thrown
over when the break occurred, and this
selling completely demorsliEed specula-
tors. The marking down of loans and
the delivery of orders kept the clerks and
messengers fully as busy as the brokers
and the street was theIscene of more ex-
citement than has been witness ed
since the panic in May, 1885. The great
est declines were Manhatten, 4Ot 10 1l6 {;
Missouri Pacific, II to $50; Cotton Seed
Trust, 70 to SO; Richmond Terminal, 81
and Western, to $50. Money is 3-l6 to
/ per cent. per diem, but Russell
Sage is quoted as saying that
time on. Stocks continue to advance
slightly Notwithstanding the heavy rate
for money. The excitement on the stock
board seems to have died out aud things
are quieting rapidly. The increased
short interest was saved from money
panic by its demand for stocks
for delivery and 5. V. White and
some other large operators entered
the market and began buying freely. They
soon gathered large following, and this
buying turned the market almost as
rapidly as it had fallen, and stocks took
long Jumps back to their former prices
Manhattan recovered 20 per cent. of its
loss, and the other stocks generally re-
covered about half the decline recorded
No failures were announced as result Of
the break.